Hourly, a startup focusing on workers’ comp insurance, payroll and time tracking for SMEs, has bagged $7.15m in seed funding.
S Capital founders Aya Peterburg and Haim Sadger led the investment with contributions also coming from Inovia Capital and J-Angels. There were 22 angel investors also taking part in the round including Global Foundries SVP Amir Faintuch and Pinterest COO Francoise Brougher.
In conjunction with the investment, Faintuch is joining Hourly as executive chairman of the board.
Capital from the round will be used to expand into new markets.
The InsurTech only launched its services earlier this year with the goal of saving employers thousands of dollars in workers’ comp insurance by partnering with insurance providers and utilizing real-time payroll data.
Clients can leverage the digital solution to improve their payroll functions with time tracking, automated tax filing, mobile onboarding, timecard sync and unlimited pay runs.
Hourly co-founder and CEO Tom Sagi said, “I have seen business owners spending an entire day each week reconciling payroll, figuring out workers’ comp premiums and struggling with processing payroll.
“I thought, there has to be a better way. I wanted to liberate folks from that weekly ordeal, and with the incredible support of our investors, we’re well on our way to making employee management better for small business owners.”
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